Bitcoin: What caused its price to drop by $157 million?
The entire cryptocurrency market saw selling pressure as the price of Bitcoin fell to its lowest level in over a week.
Bitcoin, the first and largest cryptocurrency by market cap, continued its declines from its highs of $65,287 on April 25 into the second day, reaching intraday lows of $62,389.
The Bitcoin sell-off sparked a wave of selling in the cryptocurrency market, exacerbating downward pressure on alternative cryptocurrencies known as “altcoins.”
At the time of writing, Bitcoin is down 2.28% over the past 24 hours to $62,839.
Many cryptocurrencies were also trading in the red, with losses ranging from 2% to 15%.
Solana (SOL) and Shiba Inu coins are down about 6% in the past 24 hours, while Solana meme Dogwifhat and Bonk coins suffered worse losses, falling by 11.80% and 13.45%, respectively.
The price drop caught some investors by surprise, leading to a series of liquidations across various cryptocurrency exchanges.
According to CoinGlass data, over $157.29 million in crypto assets were liquidated in the past 24 hours, with Bitcoin accounting for 42.22.
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